It is a delegated blockchain that uses sharding to achieve more optimized performance. It was developed with the aim of presenting decentralized applications (dApp's) by making them useful. Thanks to the Nightshade shredding mechanism and the Doomslug blocking mechanism, it can handle more than 100,000 transactions per second. In addition to being such a fast network, transaction fees are very low. The amount of transaction fees is calculated in Yocto units of measure. Network scalability and consistently low fees are targeted. It works with the Proof of Stake system. NEAR is also the token of this platform. As a NEAR token owner, you can earn interest income by staking, have a say in the management of the network and use the applications in the network. A decentralized application can be developed in NEAR Protocol in 5 minutes. NEAR was developed by Illia Polosukhi and Alexander Skidanov in 2018.
With a market cap of $3.3 billion, NEAR Protocol is the 42rd most valuable cryptocurrency. While there are 468,147,533 NEAR in circulation, there are 1,000,000,000 NEAR in total.
Mining System
Nodes help run the network. Users who own NEAR tokens stake these tokens into the verification pool as collateral, contributing to the security and reliability of the network and earning returns in return. So literally a PoS system. An account is created as soon as someone sends a token to users who do not have a NEAR account. NEAR tokens can be used in all applications on the Near Protocol. Whether it's a game or DeFi protocol.
NEAR has more than 60 partners around the world.
